Skip to main content

About your Search

20121201
20121231
Search Results 0 to 0 of about 1
CBS
Dec 5, 2012 4:00am PST
this family an extra $70 a month to spend. john is a maintenance man in jersey city, new jersey. >> are you paying any attention to what's going on in washington right now? >> of course. >> reporter: their $50,000 a year income put them almost exactly in the middle of the american household. if it's not extended those $1,035 more. >> do you have room to cut back? >> no. >> reporter: if the tax cut expires paycheck contributions will go from 4.2% to 6.2%. that's $115 billion a year that would go to deficit reduction instead of being pumped into the economy. heidi sherholtz is an economist. >> it's less money for consumers to spend, that means that the demand for business services will drop, who provides goods and services, workers, so employment will fall. >> reporter: those in favor allowing the tax cuts to expire argue money for social security payments has to come from somewhere. although john says that somewhere will mean doing without some of the basics. >> might be a pair of sneakers. >> reporter: might be a jacket. might be those pair of boots that they want to go there and keep warm
Search Results 0 to 0 of about 1